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Vaneck, a financial management firm, has announced that it has added the tokens polygon and avalanche to its exchange-traded note (ETN) portfolio. The two ETNs are the latest in five European funds that allow exposure to major digital assets.

Vaneck Expands Cryptocurrency ETN Offering with Polygon and Avalanche

Vaneck has launched two exchange-traded notes (ETNs) based on the crypto assets polygon (MATIC) and avalanche (AVAX). The ETNs are fully collateralized and reflect shares of either AVAX or MATIC. On December 16, the wealth management tweeted, “Vaneck expands its crypto investment offering with two new ETNs on crypto platforms Avalanche and Polygon.”

This year, avalanche and polygon have experienced a lot of demand and have witnessed enormous growth year-to-date. As a result, the token avalanche (AVAX) has surpassed the top 10 digital assets’ overall worth. AVAX is currently ranked 9th and has risen 3,509 percent since last year.

Polygon (MATIC) has also had a significant increase in value in 2021, with gains of roughly 11,393 percent year to date. MATIC currently has a market valuation of over $15 billion, making it the 14th biggest cryptocurrency. Both MATIC and AVAX are Ethereum compatible, but they are also Ethereum rivals.

Bank Frick to Custody Crypto Assets, Vaneck to Leverage Crypto Compare’s MVIS Data

Vaneck’s ETNs are similar to exchange-traded funds (ETFs), except they are unsecured debt instruments. Vaneck attempted to obtain the US Securities and Exchange Commission to approve its spot market Bitcoin (BTC) ETF this year, but it was refused in mid-November.

Crypto Compare’s MVIS data is used to mimic the value and yield performance of the Polygon and Avalanche ETNs. Bank Frick & Co. AG is the custodian of the underlying crypto assets in Vaneck’s ETNs. As a result, “VAVA” will be the AVAX ETN ticker, while “VPOL” will be the MATIC ETN ticker.

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